Tips for Starting Over After Closing Your Business
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It’s tough to let go of a business when you’ve put so much time, energy, and money into it, but sometimes there’s just no other option. There’s nothing wrong with admitting defeat and deciding to move on. In fact, some of the world’s biggest entrepreneurs failed many times before achieving success. The key is to accept it and use what you learned to build an even better business the next time around! Here are some tips to help you do just that.
Start Planning Your Next Venture
Many entrepreneurs find that the best way to move on from a setback is to jump right into their next big project. If you want to bounce back quickly, start thinking about a new business idea. Look for ways in which you could improve on your last business model or branch off and explore a whole new industry—it’s up to you!
Building a strong foundation for your new business will maximize your chance of success, so try not to rush things. Give your full attention to each step in the process. This means spending time on market research, writing up a basic business plan, securing the appropriate amount of funding, and choosing a business structure carefully. ZenBusiness suggests forming an LLC if you want to protect your personal assets from liability but keep your administrative obligations as simple as possible. You can do this online as long as you follow the specific requirements in your state.
Give Yourself Time to Heal
Of course, you may have to spend some time tending to your emotional and financial needs before launching a new business. Closing a business can really disrupt your life! Take some time to practice self-care and allow yourself to heal. It’s completely normal to experience a period of grief after closing a business, so try to accept how you feel and embrace the grieving process.
It can help to distract yourself with self-care activities like exercise, cooking healthy meals, and spending time with loved ones. This is also a great opportunity to relax and reset after all the hard work you’ve been doing. Take a hot bath, go for a drive and blast your favorite music, or find a quiet spot outside to sit and read a book. Before you know it, you’ll feel recharged and ready to take on your next venture!
Recover Your Financial Health
Next, get your financial health back on track. Recovering from a financial setback can be challenging, but with the right plan, you should be able to rebuild your personal finances and get back to where you started.
Clever Girl Finance suggests adjusting your budget first and foremost. Make sure you will be able to cover your bills and pay for essentials like groceries and personal care items. If you’ve lost your only source of income and you plan on leveraging debt to get by for a while, a ruthless budget will help you minimize the amount of debt you take on. You may even want to get a part-time job or an online side-gig while you get back on your feet and build your new business.
Closing a business is an incredibly stressful and emotionally challenging process. Try not to let your recent setback discourage you from the entrepreneurial path. There’s a lot to be gained from embracing failure and using your experience to drive you forward!
Are you ready to start a new business? Check out The Hilltop Group website to access business services like virtual assisting, consulting, and video production that can help you get up and running!
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.
Introducing the latest from Hilltop Herbals! Also known as the Hilltop Herb Woman and so on. I created this free ebook for you, with a small selection of recipes that can help during the cold and flu season. So, enjoy it! And all comments appreciated.
Why the Hilltop Herb Woman? I think I’m the only herbalist on my hilltop AND I’m enjoying my life as an herbalist so much that I’m embracing the identity. I love being able to offer items that can help people and knowledge about herbs that I never knew I wanted.
Please join us at the annual Catoctin Colorfest in Thurmont, MD, this weekend, October 12-13. We will be located outside Hobbs Hardware on Main Street.
We will have Art Glass, photography, herbal remedies, crafts, wood products and more. We’ll even have a Decorate Your Own Ornament station.
Stop by and see us and stay for a terrific festival.
I have been fighting the mother of all viruses since Sunday, July 1st. And ordered to bed rest for the next few days. Not sure as an herbalist if I should have done it, but I posted it on Facebook about how sick I was. Low and behold, a private message comes to me asking how I can call myself an herbalist and still be sick.
Seriously? First, how is it ok to even question that in the first place, and second… Herbalists are people too and will – on occasion – get sick. Ugh! Plus, I’m no match for dehydration which landed me in the emergency room on Sunday afternoon.
So, I’m sitting here working from bed at virtual assisting (Thanking God every day for my wonderful clients!), writing, and studying. But I am following orders to take it easy and rest in bed for a few days. I’m loving my adaptogen and nervine tea with honey to sooth my agitated mind and calm my body so it can recover.
But here’s my public service tip of the day. It is not ok to trash people like that. Be kind people! Oh and, HYDRATE, HYDRATE, H Y D R A T E !
Hilltop Arts is expanding!
We are now offering handmade cut, engraved, etched and items as well as custom items. We have awesome new machines in our studio that will enable us to do much more custom work as well as the more quality gifts you’ve come to expect from us.
We will be adding new products in these categories as we develop them.
If you’re interested in custom work, please email us and let us work up an estimate for you.